US Credit Card Debt Surges to $1.3 Trillion as Delinquencies Rise, Risking Repeat of 2008 Crisis
• US credit card debt hit a new high of $1.3 trillion, spiking 18% annualized in November • Growth comes amid rising delinquencies, indicating some Americans are struggling • More credit card use can signal economic confidence but also hardship if bills go unpaid • Delinquencies are accelerating but not yet at crisis levels seen during 2008-09 recession • Consumers with student loan debt seem especially likely to fall behind on payments